Chin’s property shakeout continues at full throttle. The developer’s funding crisis is roaring along. Vulture funds that have prospered with shorts and bottom-feeding longs no longer know where to look:
Even as the authorities step up liquidity support to stem an economic slowdown, last year’s top-ranked managers in China are turning more cautious with little to suggest an imminent rebound.
Jiuying Asset is lowering its risk appetite toward debts linked to local government financial vehicles and diversifying its portfolio, fearing that defaults may finally happen as pressures on the financing vehicles mount.
